- Safiu Kehinde
A Federal High Court sitting in Abuja has remanded two staff of Crypto Bridge Exchange (CBEX) in Kuje correctional facility over alleged investment fraud.
The duo, identified as Awerusuo Otorudo and Chukwuebuka Ehirim were on Monday arraigned before Justice Muhammed Umar by the Economic and Financial Crimes Commission, (EFCC).
As contained in a statement issued on the anti-graft agency’s official X handle, they were arraigned on a three-count amended charge bordering on obtaining by false pretence, inducement and misleading the public into a fraudulent investment scam.
One of the count reads: “That you, Awerusuo Otorudo and Chukwuebuka Ehirim, sometimes between January 2024 and May 2025, within the jurisdiction of this honorable Didi invite the public to deposit money for a fixed period or payable on call with CRYPTO BRIDGE EXCHANGE (CBEX) with a promise of up to 88% return on investment without obtaining the written consent of the Securities and Exchange Commission and you there you committed an offense contrary to section 96(1) of the investment and security act 2025and punishable under section 96(5) of the same act.”
Another reads: “That you Aweosuo Otorudo and Chukwuebuka Ehirim, sometimes between January 2024 and May 2025, within the jurisdiction of this Honourable Court whilst not being a bank or person authorized to take deposit invited the public through advertisement to deposit funds with CRYPTO BRIDGE EXCHANGE(CBEX) and you thereby committed an offence contrary to Section 44(1) of the Banks and other Financial Institution Act, 2020 and punishable under Section 44(2) of the same Act.”
The defendants however pleaded not guilty when the charges were read to them.
This prompted the prosecution counsel, Fadila Yusuf to urge the court to remand the defendant in a Correctional Facility and adjourned the matter for hearing.
Responding, defense counsel, J.A. Otorudo informed the court that the defence has an application for bail for the defendants.
Counter-reacting, the EFCC’s counsel objected to the application and restated her earlier plea that the defendants be remanded in a Correctional Centre.
“The learned counsel is very elaborate before this honorable court, he had complained of the EFCC holding them in our facility and we are saying if they are not comfortable with us, they are before the court now, my Lord can move them to more comfortable accommodation”, she said
In his ruling, Justice Umar adjourned the matter to July 18,2025 for ruling on the bail application and remanded the defendant at Kuje Correctional Centre.
Recall that the CBEX had in April left several Nigerian investors in shock and despair over their financial loss after the cryptocurrency trading platform crashed.
In the wake of the incident, the firm was declared a Ponzi scheme with the EFCC embarking on investigation and arrest of several officials of the scheme.